Columbus Ohio Business Law Firm

Attorneys for Business Owners Selling Their Businesses in Ohio

When you are selling your business, you need a law firm that can work with you to minimize risks and maximize your gains from the sale.

You've worked hard to build your business. If you've been approached by a prospective buyer or you are otherwise looking to sell, then you need to partner with a business attorney who can guide you through the process of selling your business and through closing.

Selling Share of Ownership versus Selling the Whole Business

If you are one of a few owners of a business and you are simply trying to sell your shares, then there are some legal considerations that are different than if you are selling the whole business. First, an attorney would want to know if you have a buy-sell agreement. If so, then that document will dictate how the sale will go. If not, then the terms of the sale need to be negotiated between the seller of the business, the purchaser, and the remaining owners. This will involve finding a fair price on a per share value.

If the business ownership stake is going to be passed along to your children, or other family member, then the proper business succession planning arrangements should be made between yourself and your business attorney. Business succession planning can (and ideally should) be set up years before you actually sell your ownership stake.

Selling the Whole Business

If you are selling the whole business, then the gist of what needs to be done is for you to minimize your liabilities and maximize your sale price. You will want to meet with an attorney experienced in business sales in Ohio in order to make sure that you are properly protecting yourself from potential liabilities. The sale of a business can be structured in a number of imaginative ways. It is usually in the seller's best interest to defer as much of the cost of the sale as possible on the buyer of the business. This usually means that you would have the buyer's attorney outline the initial terms of the purchase of the business. However, whoever writes the terms of the business sale will write those terms in their favor, so you will need your own attorney to negotiate on your behalf or to write your own contract.

Need a Business Law Firm? Harris & Engler Helps Ohio Business Owners and is Located in Columbus Ohio

The attorneys at Harris & Engler have extensive experience helping Ohio business owners with a full range of legal service for their needs. If you need an attorney for your business in Columbus, Delaware County, or elsewhere in Ohio then you can speak with an experienced business attorney today by calling (614) 610-9988.

Disclaimer: Harris & Engler offers this website and the content on it for informational purposes only, as a service for our clients and friends. The contents of this site are not considered legal advice for any purpose, and you should not consider them as such advice or as legal opinion on any matters.